Container shipping already has a bewildering profusion of indices for clients to assess freight rates. There’s now one more to add to the mix.
Digital forwarding and supply chain platform Shifl has announced the launch of SHIFEX, a spot freight rate index focusing on the transpacific.
SHIFEX is free to access and is based on the actual spot freight rates quoted and/or paid for moving shipments on the transpacific. It includes all commonly applicable surcharges.
The index provides past and current freight rates with the option of tracking rates on a three, five, 12, and 18-month basis from the base ports of China to both Los Angeles and New York.
Shifl is also planning to include vessel transit and container dwell data and add spot freight rates of other trade lanes to SHIFEX.
Shabsie Levy, CEO and founder of Shifl, predicted a rates drop on the transpacific yesterday at the launch of the new index.
“Rates could further drop as the US retailers are sitting with excess inventory currently with many orders still pending to come in from China stuck mainly due to the intermittent lockdowns in China,” Levy said.
Rates for an feu from China to Los Angeles currently stand at $6,595.26, according to SHIFEX.
Other container indices include those created by Xeneta, Drewry, the Shanghai Shipping Exchange and Freightos in association with the Baltic Exchange.